Fixed fees v hourly rate billing – what is best?

 

 

The Debate – Fixed fees v hourly rate

There has been a lot of debate recently about the best way to charge, fixed fees, or hourly rate. (or somewhere in between?)
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Legal costs and fees – What does a client want?

A new legal world

Clients demands and expectations in relation to legal costs and fees are changing, are you changing with them?

There have been significant changes in the legal profession over the last few years. There has been an increase in firms moving away from the traditional Partner structure and an increase in the number of law firms adopting alternative structures, with more consultancies and virtual firms.

More fee earners are working from home, and hybrid working has changed people’s perception of what is possible.

Clients’ expectations have changed.

So what does this mean for law firms? (more…)

” The Planning Fallacy” and law – Why do we underestimate how long something will take and why does it matter?

 

 

The planning fallacy and law – how this impacts fees

Estimating how long something takes can be difficult, and we often underestimate how long something will take.

Accurate estimates are important in professions that charge based on time, including law, because underestimating how long something can take can result in undercharging.

Why do we get it wrong and how can we fix it? Psychologists provided the answer with a theory known as “the planning fallacy”. (more…)